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This needs to be the day when London's worst Nomad Roland "Fatty" Cornish is drummed out of the City of London for good. This will shock you. New World Oil & Gas (NEW) has abandoned the RTO with Big Sofa but has not said specifically why. So let me assist.

Tomorrow I am off to Jersey for New World Oil & Gas’ (NEW) Annual General Meeting. If all goes to plan, Adam Reynolds and Nick Lee will be elected to the board, while Peter Sztyk will be deservedly kicked off. Although this should prove to be the watershed moment in New World’s transformation, it will not necessarily trigger an immediate rally in the share price. The hard work begins, once the result is known. However, if Reynolds and Lee remain true to form then 2016 could be incredibly exciting year for this company.

The vote at New World Oil & Gas’ (NEW) forthcoming AGM on 17 November is not yet won. Shareholders still need to unite behind Adam Reynolds and Nick Lee to give them as strong a mandate for change as possible. A cleansed New World could present a fantastic prospect, but the market remains sceptical. The toxic legacy of the current board will take time and effort to clean up, but for once on AIM private investors have a genuine opportunity to make a decisive difference in the company they own.

New World Oil & Gas (NEW) has finally announced the date of the AGM. This marks the culmination of months of hard work behind the scenes, ensuring an orderly transition for the company from being one of AIM’s most despised stocks to one with an extremely bright future. As expected, Adam Reynolds is on the ticket for election to the board, but in a surprise twist he is joined by Nick Lee of Paternoster Resources (PRS). Lee will have the full support of NWOGaction, so his appointment is almost a foregone conclusion. Fred Hodder is retiring and Peter Sztyk now deservedly faces the wrath of his shareholders. This is all fantastic news.

On 21 September I received an incredibly snotty letter from New World Oil & Gas (NEW). The letter was marked strictly private and confidential, so I won’t publish it. However, now that New World has decided to smear NWOGaction in our latest TR1, I will publish my response to Peter Sztyk. What’s the Ukrainian for “piss off”?

There is still an opportunity to settle the future of New World Oil & Gas (NEW) like gentlemen. That is unless current Chief Executive Peter Sztyk gets his way. Having just lost an hour of my life to the company’s futile shareholder call, it is quite clear that Sztyk is the only man in the room who cannot see the game is up. To his credit he fielded some of the more difficult questions he was sent, though ducked the most challenging ones. Despite this, his answers were highly unsatisfactory. Sztyk claims he has a mandate from his shareholders to pursue the company’s interests in Belize. That is complete balderdash, as he knows full well.

Over the last six weeks the New World Oil & Gas (NEW) shareholder action group, NWOGaction, has been quietly laying the foundation for a most surprising turn of events. Where the market has given up hope, thirty-seven private shareholders have continued fighting for their company’s future. Their efforts are about to bear fruit.

I took notes during New World Oil & Gas’ (NEW) EGM. Although these aren’t a comprehensive record of what turned out to be a very long meeting, they should hopefully provide some insight to those shareholders who were not able to attend.

We still don’t know which way the vote from New World Oil & Gas’ (NEW) EGM will go. No doubt recognising that a show of hands would have resulted in defeat of Resolutions 1 & 2, meeting Chairman Peter Sztyk’s first action was to announce a poll. He was well within his rights to do this. The poll results should be available in the near future, but there is one point I have to make, while we wait. Based on what Mr Sztyk said in the meeting, in front of New World’s solicitor and brokers (four of whom were in the room), if Resolution 1 is defeated it is inconceivable that the company can proceed with an open offer in good conscience.

Today is Fake Sheikh Day. Exactly one year ago, New World proudly announced to the world it had signed its absurd sale purchase agreement with the now infamous Fake Sheikh, “Dr” Muaaz KH M Alfahaid, to gain supposed access to the Kuwaiti oil market. Whether or not New World was ever able to determine if “Dr” Alfahaid was even Kuwaiti is unclear, but there is one thing we can be sure of. Having given “Dr” Alfahaid €1million, in the expectation of receiving $20million (ho, ho, ho), the good “Dr” promptly buggered off to leave red faces all round. Twelves months later, and with New World Oil & Gas’ (NEW) latest fiasco raging, ShareProphets is now delighted to share a photo once more of the good “Dr” together with none other than Bill Kelleher, Peter Sztyk and two other interesting chaps…

New World Oil & Gas (NEW) has not issued an RNS to confirm whether or not Bill Kelleher has repaid the several hundred thousand dollars he owes the company or if he has left his role as a well-paid technical advisor. Frankly, New World should have done, but we’ve now been passed some other interesting information concerning one of the directors’ wives. It appears that the Kazakh Department of the Agency for Public Service and Anti-Corruption is seeking the arrest of Peter Sztyk’s wife for “misappropriation or embezzlement of entrusted property”.

In the RNS announcing its AGM, New World Oil & Gas (NEW) forgot to mention it had posted on its website the notice of the AGM together with the proposed resolution for shareholders to vote on. The proposed resolutions and voting papers can be found here and, as is ever the case with New World, there are some extremely interesting omissions. First, despite having committed to it in the annual report, new CEO Peter Sztyk is no longer retiring as a director and seeking re-election. Second, and possibly much more significantly, there is no proposed resolution concerning the Niel Petroleum deal. Considering that the Takeover Panel’s verdict was that New World requires shareholder approval to complete this deal, this leads to the obvious question; is the Niel deal off?

What is happening at New World Oil & Gas (NEW) is simply outrageous. This is fast becoming the perfect case study to demonstrate why AIM is in such desperate need of reform. Not content with the royal shafting it has already inflicted upon its shareholders, the wretched board of this wretched company has the nerve to claim its actions are being done in their interests. New non-executive chairman Chris Einchcomb must have had a good belly laugh when he said his fellow porcine directors are “committed to… maximising the value to shareholders and believes the actions taken above are important steps to achieving this”. Retaining Bill Kelleher on a consultancy contract so he can “repay” the loan he took out to participate in March 2013’ controversial placement is hardly the act of a board committed to maximising shareholder value. No, it’s more a case of the parasites bleeding every last drop from the now rotting carcass that has been such a generous meal to gorge upon. These people give leeches a good name.

Things go from dire to abysmal at New World Oil & Gas (NEW). With the after market release of New World’s interim figures last Tuesday, there are disturbing questions about the company’s financial position and the nature of its financial arrangement with Niel Petroleum. I plan to return to these tomorrow, but in the meantime there is a much more serious problem concerning the €1million payment made by New World to Dr Alfahaid of Al-Maraam Al Ahliya Trading & Contracting before June 30th this year. It appears, by its own admission, cash-strapped New World has paid what amounts to a €1milion deposit to an individual it had not completed due diligence on. Even by the calamitous standards of what passes for corporate decision making at New World, this action could prove to be the most inept. Here’s why.

According to New World Oil and Gas’ (NEW) AIM Rule 26 Disclosure “5.19% of the Company's securities are not in public hands”. This is all well and good, but for one small problem. The figure should read 9.03%. Based upon previously announced director holdings, it appears at least three directors have disposed of or transferred holdings equivalent to 3.84% of the company’s equity, including (but not necessarily limited to) Bill Kelleher, Peter Sztyk and Georges Sztyk. New World has not issued any RNSs declaring disposals, so what on earth is going on?